Hyperliquid (HYPE) has emerged as a major gainer in the crypto market, registering a value increase of more than 20% over a 24-hour period. The recent rally allowed the asset to surpass Dogecoin (DOGE) in total market value, securing its position as the 10th largest asset in the cryptocurrency market.
Market observers note that utility-focused narratives are currently gaining traction over speculative ones. HYPE's double-digit rise is reflected on the on-chain layer, distinguishing its recent performance from Dogecoin's 6% gains over the same timeframe.
According to DeFiLlama data, total perpetual trading volume increased by more than 78% within a single day to reach $34 billion, with Hyperliquid capturing a share of over 50%. This surge in trading activity drove a significant jump in fees, which climbed from $1.3 million to $5.1 million—an increase of nearly four times compared to the previous day.
From a technical standpoint, HYPE crossed the $70 barrier, returning to levels seen in early July. However, market analysts point out that HYPE's market value lead over Dogecoin remains marginal at a factor of 1.4x, translating to a $4 billion difference. Sustaining this position will depend on continued demand, ongoing on-chain adoption, and market support from bulls.
